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Accounting

Accounting: Annual Report Analysis

See the attached file. The annual report to use is The Buckle, Inc 2009. Stock symbol is BKE. Problem 1. State the values of the following accounts or variable names as reported by Buckle in its 2009 financial statements (p. 31-34) and explain their meaning (no more than one or two sentences). (1) "Income from oper

Business Startup; organization expenses; date a business begins.

Read IRC at http://www.fourmilab.ch/ustax/www/t26-A-1-B-VI-195.html Read IRS Pub 535, pages 26 - 27 http://www.irs.gov/pub/irs-pdf/p535.pdf Read Treas. Reg. 1.195-1http://www.taxalmanac.org/index.php/Reg._1.195-1 Discuss the issues and consequences inherent in IRC section 195 including, but not limited to, the following:

Lowe's Home Improvements - Preparing Income Chart and Profit Sales

As the fund manager for a large mutual fund, you are preparing for a conference call with all your major investors. You plan to e-mail everyone with an attachment that will serve as a guide for the upcoming call. You know investors' time is limited, so you want to be focused in your brief report. Because there are numerous figur

Can any accounting step after a worksheet be skipped?

The worksheet often facilitates the end-of-period (monthly, quarterly, or annually) accounting and reporting process. The use of a worksheet helps a company prepare the financial statements on a more timely basis. The main reason is that the company does not have to wait until it journalizes and posts the adjusting and closing

EPS using tax rate and expenses

Use the information for Sports Baseballs, Inc. Sports Baseballs, Inc. is a corporation that manufacturers and sells baseballs across several states in the Southeast. It had sales of $2.7 million during the last year. Expenses were as follows: Cost of goods sold............................... $1.2 million Admin

Taxes with Stocks and Trusts

A) Raquel transferred $100,000 of stock to a trust, with income to be paid to her nephew for 18 years and the remainder to her nephew's children (or their estates). Raquel named a bank as independent trustee but retained the power to determine how much income, if any, will be paid in any particular year. Is this transfer a co

Accepted Accounting Principles

2. State two generally accepted accounting principles that relate to adjusting the accounts. 3. Rick Marsh, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Marshâ?? law firm prepares monthly financial statements, when should it recognize revenue from this engagement? Why?

Effectiveness of On-line trading platforms

Do you think online trading platforms have helped investors make money? Does it help to have access to your 401k or brokerage statement all the time? How does this compare to when people in the 1940's, 50's and maybe into the early 60's would keep stocks they bought in a safe deposit box in the bank and maybe hold those stock

Sale of Assets Received as a Gift and Inherited

Daniel receives 400 shares of A&M Corporation stock from his aunt on May 20, 2009, as a gift when the stock has a $60,000 FMV. His aunt purchased the stock in 2002 for $42,000. The taxable gift is $60,000 because she made earlier gifts to Daniel during 2009 and used the annual exclusion. She paid a gift tax of $9,300 on the gift

Maintaining CPA License, Auditor Reports

6-After individuals become licensed in accounting, type typically must do what? A. Work for an auditing firm for 120 hours. B. Continue their education by acquiring CPE's. C. Become an Enrolled Agent with the IRS. D. Open a public practice in accounting. 9-If a company has changed accounting principles, the auditor will i

Plant assets/asset is being depreciated at a rate of $500

1.Plant assets are: tangible assets used in the operation of a business that have a useful life of more than one accounting period. current assets. held for sale. intangible assets used in the operations of a business that have a useful life of more than one accounting period. 2. An asset's book value is $36,000 on Ja

Missing amounts - process costing

See the attached file for the tables. Using the data presented below, determine which figures should be inserted in the blank spaces Beginning Units in Process Units Started in production Units transferred to finished goods Ending units in process Equivalent units a) 600 8,000 8,600 ? ? b) 900 6,500 ? 400-

Income from operations and net income

Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2010, follows: Net cash provided by operations...$98,000 Cost of goods sold.........................$310,000 Selling, general, and administrative expenses...$124,000 Accounts Payable....$90,000 Extraordinary loss from

Internal Control Accounting Periods

Define what it is meant by internal control. Provide a minimum of three examples. It is the end of the accounting period, and your boss asks you to help determine the inventory balance to place in the company's balance sheet. Explain which physical quantities of inventory that you will include, and which you will exclude.

Accounting Problems

1. The FASB's standard-setting process includes, in the correct order: Exposure draft, research, discussion memorandum, SFAS. Research, exposure draft, discussion memorandum, SFAS. Research, discussion memorandum, exposure draft, SFAS. Discussion memorandum, research, exposure draft, SFAS.

Characterized Political Processes

1. Accounting standard setting has been characterized as a political process. Discuss this proposition giving an example. 2. Explain how management's discussion and analysis of its operations and liquidity may be helpful to investors. 3. In a recent press release, Foot Locker Inc. reported that its fiscal first-quarter net

Managerial Accounting. Cost Accounting. Standard costing. Variances.

Sacks manufactures embroidered jackets. The company prepares flexible budgets and uses a standar cost system to control manufacturing costs. The following standar unit cost of a jacket is based on the static budget volume of 14,000 jackets per month. -Direct Materials (3.0 sq. ft x $4.00 per sq.ft)

Capital structures in different countries

Scenario You have recently obtained a new position as a manager of an international accounting firm, Smith, Lindsey, and Lueders, CPA (SLL). SLL is primarily an auditing firm. Part of your duties will be to analyze the current state of accounting with an emphasis on the international environment. An additional responsibility

Double taxation avoidance, benefits to small business

From the Internal Revenue Service website (www.irs.gov). Click on the "Business" tab, then the "Corporations" link. Find the link to "S Corporations" and read the information provided by the IRS. Answer the following question: Explain the reasoning behind the need for the S Corporation provisions in the IRS Tax Code and

Accounting for and presentation of owner's equity

As of March 11, 2007, Swanson Group, Ltd. had 300,000 shares of 10$ par value common stock authorized and 185,000 shares issued. There were 6,000 shares of treasury stock that had been purchased by the firm at an average cost of 12$. The market value of the stock on March 11, 2007, was 22$ a. how many shares of common stock

Investment Analysis

A) Someone in the 36 percent tax bracket can earn 9 percent annually on her investment in a tax-exempt IRA account. What will be the value of a one time $10,000 investment in 5 years? 10 years? 20 years? b) Suppose the preceding 9 percent is taxable rather then tax-deferred and the taxes are paid annually. What will be the

Yarman, Inc. Deferred Tax Asset: Compute taxable income and deferred income tax

Yarman Inc. began business on January 1, 2008. Its pretax financial income for the first 2 years was as follows: 2008 $240,000 2009 560,000 The following items caused the only differences between pretax financial income and taxable income. 1. In 2008, the company collected $180,000 of rent; of this amount, $60,000 was

Stacy's stock purchase, sale and dividend; Far Side current share price

Question 1 Stacy purchased a stock last year and sold it today for $3 a share more than her purchase price. She received a total of $0.75 in dividends. Which one of the following statements is correct in relation to this investment? A. The dividend yield is expressed as a percentage of the selling price. B. The capital gai

Which will not result in an increase in ROI?

Which of the following will not result in an increase in return on investment (ROI), assuming other factors remain the same? a. A reduction in expenses. b. An increase in net operating income. c. An increase in operating assets. d. An increase in sales.